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Land Tax 2015

Discussion in 'Information Resources & Tools' started by devank, 7th Jul, 2015.

  1. devank

    devank Look, lets just get on with this, ok? Premium Member

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    I collected this info to calculate the costs of buying an IP in different states. Why not share the love while I'm at it?
    State headings contain the source URL.

    NSW
    Personal

    Assessment: midnight on 31 December.
    Threshold : Rate
    $432,000 : $100 + 1.6% up to the premium threshold.
    $2,641,000 and over : $35,444 for the first $2,641,000 then 2% over that.

    Trusts
    Special trusts: Flat rate of 1.6 per cent for amounts up to the premium land tax threshold and then at 2 per cent thereafter.
    These trusts receive the land tax threshold: fixed trust, superannuation trust, trust created by a will, family unit trust, concessional trusts & charitable trusts.


    VIC
    Personal
    Assessment: midnight on 31 December.
    Total taxable value of land holdings:Land tax payable
    < $250,000 : Nil
    $250,000 to < $600,000 : $275 plus 0.2% of amount > $250,000
    $600,000 to < $1,000,000 : $975 plus 0.5% of amount > $600,000
    $1,000,000 to < $1,800,000 : $2975 plus 0.8% of amount > $1,000,000
    $1,800,000 to < $3,000,000 : $9375 plus 1.3% of amount > $1,800,000
    $3,000,000 and over : $24,975 plus 2.25% of amount > $3,000,000

    Trusts
    < $25,000 : Nil
    $25,000 to < $250,000 : $82 plus 0.375% of amount > $25,000
    $250,000 to < $600,000 : $926 plus 0.575% of amount > $250,000
    $600,000 to < $1,000,000 : $2938 plus 0.875% of amount > $600,000
    $1,000,000 to < $1,800,000 : $6438 plus 1.175% of amount > $1,000,000
    $1,800,000 to < $3,000,000 : $15,838 plus 0.7614%* of amount > $1,800,000
    $3,000,000 and over : $24,975 plus 2.25% of amount > $3,000,000


    QLD
    Assessment: midnight 30 June.
    Personal
    Taxable value : Rate of tax
    $0–$599,999 : $0
    $600,000–$999,999 : $500 plus 1 cent for each $ more than $600,000
    $1,000,000–$2,999,999 : $4,500 plus 1.65 cents for each $ more than $1,000,000
    $3,000,000–$4,999,999 : $37,500 plus 1.25 cents for each $ more than $3,000,000
    $5,000,000 and over : $62,500 plus 1.75 cents for each $ more than $5,000,000

    Companies, trustees, absentees
    Taxable value : Rate of tax
    $0–$349,999 : $0
    $350,000–$2,249,999 : $1,450 plus 1.7 cents for each $ more than $350,000
    $2,250,000–$4,999,999 : $33,750 plus 1.5 cents for each $ more than $2,250,000
    $5,000,000 and over : $75,000 plus 2.0 cents for each $ more than $5,000,000


    SA
    Assessment: midnight 30 June each year.
    Personal
    Total Taxable Site Value: Tax Rate
    Up to $316,000 : Nil
    $316,001 to $579,000 : $0.50 for every $100 or fractional part of $100 over $316,000
    $579,001 to $842,000 : $1,315.00 plus $1.65 for every $100 or fractional part of $100 over $579,000
    $842,001 to $1,052,000 : $5,654.50 plus $2.40 for every $100 or fractional part of $100 over $842,000
    Over $1,052,000 : $10,694.50 plus $3.70 for every $100 or fractional part of $100 over $1,052,000

    Trusts
    Each trust in SA has the same thresholds as natural persons.


    WA
    Assessment: midnight on 30 June before the year of assessment.

    Exceeding $ - Not exceeding $ : Rates
    0 - 300,000 : NIL
    300,000 - 1,000,000 : 0.11 cent for each $1 in excess of $300,000
    1,000,000 - 2,200,000 : $770 + 0.58 cent for each $1 in excess of $1,000,000
    2,200,000 - 5,500,000 : $7,730 + 1.51 cents for each $1 in excess of $2,200,000
    5,500,000 - 11,000,000 : $57,560 + 1.80 cents for each $1 in excess of $5,500,000
    11,000,000 - upwards : $156,560 + 2.67 cents for each $1 in excess of $11,000,000

    ACT
    Assessment: 1 July, 1 October, 1 January and 1 April (liability dates). Land tax is assessed for a whole quarter and there is no daily pro-rata of land tax liability within a quarter.
    Fixed Charge : $945
    Marginal Rates that apply to property AUV:
    AUV up to $75,000 : 0.41 %
    AUV from $75,001 to $150,000 : 0.48 %
    AUV from $150,001 to $275,000 : 0.61 %
    AUV of $275,001 and above : 1.23 %

    TAS
    Assessment: 1 July each year.
    Total Land Value : Current Tax Scale
    $0 – $24 999 : Nil
    $25 000 - $349 999 : $50 plus 0.55% of value above $25 000
    $350 000 and above : $1 837.50 plus 1.5% of value above $350 000
     
    Last edited: 10th Jul, 2015
    Fielding, HUGH72, Terry_w and 5 others like this.
  2. Arashi87

    Arashi87 Well-Known Member

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    can anyone put into excel format, where i select state and enter property purchase price and it will calculate its land tax?
     
  3. devank

    devank Look, lets just get on with this, ok? Premium Member

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    Purchase price is not same as land value.
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    Great info @devank it might be worth adding trust rules in for each state as well? Eg each trust in SA has the same thresholds as natural persons but this isn't the case in NSW
     
  5. devank

    devank Look, lets just get on with this, ok? Premium Member

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    Thanks @D.T. I have updated NSW & SA with land tax for trusts info.
     
  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Good Summary Devank.

    The land tax laws are very complicated, especially in NSW.

    Fixed trusts don't really receive a threshold, but the owners of the units are considered the owners of the property and they receive a threshold. If the unit holder has already hit their threshold limit the trust will be liable.

    A will created by a trust will have to pay land tax unless the beneficiaries are all under 18 - then it would be a concessional trust. A way around this is to draft a life interest into a testamentary trust.

    A "family unit trust" concession from when the laws changed and most unit trusts will not qualify. see schedule 1AA LTMA http://www.austlii.edu.au/au/legis/nsw/consol_act/ltma1956173/sch1aa.html
     
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  7. shorty

    shorty Well-Known Member

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    Great post, but where's VIC?
     
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  8. Biz

    Biz Well-Known Member

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    Not looking forward to my bill next year after the Sydney boom...
     
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  9. HUGH72

    HUGH72 Well-Known Member

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    Thanks for posting Devank, good to have all states thresholds summarized in one place.
     
  10. Beelzebub

    Beelzebub Well-Known Member

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    Thanks for sharing. Why din't you do Victoria?
     
  11. Fielding

    Fielding Well-Known Member

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    Me either Biz lol.
     
  12. rhinsor

    rhinsor Well-Known Member

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    Perth
    If only we could make each state the same.
     
  13. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    It drives me crazy trying to analyse about 8 different sets up land tax laws which are all completely different. Not to mention conveyancing acts, real property act, stamp duty acts, trust acts etc.

    So much time and money wasted. But keeps enables the lawyers to charge more.
     
  14. devank

    devank Look, lets just get on with this, ok? Premium Member

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    Whoops... normally we tend to forget TAS :D

    Thanks for pointing that out. First post is updated now.
     
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  15. Chilliblue

    Chilliblue Well-Known Member

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    Thanks for the summary